Xenon ends development of acne drug

Shares in Canadian biotech Xenon Pharmaceuticals (Nasdaq: XENE) have taken a nosedive following the news that a Phase II study of XEN801 in moderate to severe facial acne failed to meet its primary endpoint.

Xenon’s share price closed 52% down on Friday compared to the previous close, and on Monday it was down a further 2% within two hours of trading, at $4.55.

Results from the trial showed that XEN801, a topical stearoyl Co-A desaturase-1, or SCD1 inhibitor, did not demonstrate a statistically-significant difference from vehicle placebo in its primary endpoint of the percentage change in total inflammatory and non-inflammatory lesion count from baseline to week 12.